Citizens Financial Group opens more than 15,000
accounts in first year of CollegeSaverSM
Ohio grandmother opens accounts for four granddaughters, plans to open another for her first grandson
April 01, 2010 10:03 AM Eastern Daylight Time
PROVIDENCE, R.I.--(EON: Enhanced Online News)--Citizens Financial Group today announced that its Citizens
Bank and Charter One customers have opened more than 15,000 CollegeSaverSM accounts since the bank
introduced the innovative new product last April, paving the way for more than $15 million in bonus money plus
interest to go toward the college educations of their loved ones.
CollegeSaver enables customers to earn a $1,000 bonus plus interest for opening an account by the sixth birthday of
their child, grandchild or loved one and saving a minimum of $25 per month until the child is 18. Customers receive
the $1,000 bonus plus all the accrued interest when the child turns 18. It is available to new and existing customers,
and insured by the FDIC up to the legal limit.
“Paying college tuition is one of the most challenging goals our customers face,” said Martin Bischoff, Vice
Chairman, Consumer and Business Banking at CFG. “We are pleased to provide this innovative savings plan to give
our customers a jump start on saving for this important goal. CollegeSaver is another example our commitment to
listen to the needs of our customers, and to develop the products and services they need to meet their goals.”
Citizens created CollegeSaver in response to customer feedback about the difficulties they face saving and paying for
college educations. CollegeSaver is one of several goal-based savings products Citizens has developed in the past
year in response to and in anticipation of customers’ savings needs. By working with a customer insight panel to
develop customer solutions such as CollegeSaver, Citizens is able to understand the needs of customers and
thoughtfully develop helpful banking solutions
Cathy Skiver, an 59-year-old retired school teacher and